Solana is doing very well compared to the rest of the competitors. Sol overcomes the problems that ETH is having, but to become a real competitor of ETH, Solana still has a lot to prove itself. The last rally was just temporary hype, Sol is very young it needs more time to develop and perfect its ecosystem.
Solana is doing with some better features and having very good feedback even it's under beta version, but development is going good for this and growth is also very fast community now feeling good with this because Ethereum gas fees is also killing, so I am feeling this could be good competition for future between these two and some more new blockchains can also join this for more competitive market and healthy environment in this crypto market.
Many claiming Solana blockchain is fastest in world, so this could be also good advantage with this, but still Ethereum is also going to be very good in near future.